The Goods and Services Tax is a unified indirect tax across the country on products and services. In the current system, tax is levied at each stage separately by the Union government and the states at varying rates, on the full value of the goods.

India will roll out the Goods and Services Tax (GST) from July 1, 2017. The Narendra Modi-led government will inaugurate the new indirect tax at the stroke of midnight of June 30 in Parliament.

Myiris has collated views of Goods & Services Tax. The same are follows:

Chanda Kochhar, MD and CEO, ICICI Bank:

''The Goods & Services Tax is a transformational structural reform which will have multiple benefits ��" the creation of a national market; enhanced ease of doing business; greater productivity & efficiency; and improved tax compliance. All stakeholders are working together for a seamless transition to this new paradigm. This reform will result in benefits for all participants in the Indian economy, including both businesses & consumers.''

Kamal Nandi, Business Head and EVP, Godrej Appliances:

“We welcome GST as a reform for the industry. Home appliances have become a necessity now with evolving consumer lifestyle and a lower tax slab would have made appliances more affordable in a low penetrated market. With 28% GST, we expect the consumer price (market operating price- MOP) of home appliances to marginally go up by 1-2% post implementation of GST. This could have an impact on demand in the short run. However, normal monsoon, boosting agricultural economy and hike in allowances to government employees will propel demand during the forthcoming festive season.''

Amitabh Khosla, Country Director, India, International Air Transport Association (IATA):

''IATA has been in regular contact with the Indian authorities on several issues regarding the application of the GST to the airline industry based on the underlying legislation and have been supporting affected airlines with GST compliance-related activities in the lead-up to implementation on 1 July 2017.

Nonetheless there are still information gaps. We look forward to receiving the guidance notes to be provided by the GST Council, which will clarify various airline specific issues, such as the taxation treatment of continuous journeys, and other pressing matters. On the air-cargo side, we believe that the levying of GST on cargo export services by air contradicts standard GST principles as well as the treatment of such services under the Service Tax regime. Clarification would help align this with international standards and principles.''

Rajeev Dimri, Leader, Indirect Tax, BMR & Associates LLP:

''As we embark on a fresh journey for implementing a new Indirect tax regime in India, this day will go down in the books of history and the entire nation will be a part of that chapter. The discussions which were initiated in the closed walls of the Indian Parliament will now have a massive, and expectantly positive impact on the entire Indian economy. The Goods and Services Tax (‘GST’) is about to transform the way in which India Inc. does business and the way entire globe deals with India Inc.

While some sections of the trade may not be in a celebratory mood, we need to be cognizant of the fact that every stupendous change in history has been met with strong resistance in one way or another. One cannot expect that a mammoth change like this will not make few people anxious or restless. It would also be appropriate to keep in mind that any policy or law that has come into being is not perfect and free from any lacunas on day one of its coming into force. Similarly, with the joint effort of the trade, legislature and bureaucracy, even the GST law will evolve with time in a direction which would hopefully bring the country closer to a perfect GST.''

''We congratulate the government for implementing the biggest tax reform. GST is one of the most-awaited reform measures done for industry. We hope the government brings natural gas under GST @ 5% at the earliest in order to enhance domestic exploration & production of natural gas. This would increase energy security and help in reducing our dependency on imports. Further, the launch of OALP and NDR by the Government is a bold and landmark event for the Indian E&P sector. The keenly awaited policy will boost investor confidence and attract further investments which will help in achieving the Government’s objective to reduce hydrocarbon imports by 10%.''

Devendra Kumar Vyas, CEO, Srei:

''The introduction of Goods and Service Tax (GST) is the largest reform, since opening up of the Indian economy. GST will bring in transparency and seamlessness of transactions.GST paves the way for the One Nation One Tax ideology. India having federal democratic structure had multiple States and Union Territories based indirect taxes with certain additional Central levies. This lead to multiplicity of taxes and a cascading effect which lead to Tax on Tax. This multiplicity has been a contributing factor to fillip inflation over a period of time. In order to curb such cascading effects, the amalgamation of taxes was eminent.''

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